Best Unsecured Loans for 2019

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Best Egg

Best Egg

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Editor's Take

An unsecured loan from Best Egg lets you use the funds for just about anything, from debt consolidation to home improvement projects. To see what rates to expect, you can get an online quote without impacting your credit score.

Best Egg offers a wide loan range starting at just $2,000 and going all the way up to $35,000. The minimum is quite lower than many other lenders, so it’s a great choice if you don’t need a significant loan. Origination fees are between 0.99% and 5.99% depending on your application.

Loan Features

  • Loan Amount
    $2,000 – $35,000
  • Rate Type
    Fixed
  • Term
    36 – 60 months

Details

  • One-day funding time
  • Online platform available 24/7
  • Multiple payment options

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Payoff

Payoff

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Editor's Take

Payoff offers unsecured loans to be used for debt consolidation. You could potentially save money on your high interest debt with a single, fixed rate loan payment every month. Plus, Payoff states that the average borrower sees a 40-point increase in their credit score.

Loan Features

  • Loan Amount
    $5,000 – $35,000
  • Rate Type
    Fixed
  • Term
    24 – 60 months

Details

  • Use for debt consolidation
  • 640 minimum credit score
  • Rate quote in 3 minutes

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SoFi

SoFi

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Editor's Take

SoFi offers unsecured loans to borrowers with above average credit scores, and oftentimes, high incomes. The minimum credit score is 680 (although most borrowers’ scores are higher) and the average annual income is $100,000. If you qualify, you can borrow a large amount, plus get perks like autopay rate deductions and unemployment protection.

Loan Features

  • Loan Amount
    $5,000 – $100,000
  • Rate Type
    Fixed or Variable
  • Term
    2 – 7 years

Details

  • Autopay rate discount
  • 680 minimum credit score
  • No fees

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Unsecured Loans Explained

When you get an unsecured loan, you don’t have to use any of your cash or assets as collateral to back the loan. They’re often called signature loans because you just use your signature to guarantee that you’ll pay back what you borrowed. The trade-off is that you may end up paying higher interest rates. But the better your credit score is, the lower interest rate you’ll receive.

Here’s what to expect during the loan application process:

  • Credit check
  • Employment verification
  • Income verification (through bank statements or tax returns)
  • Bank information (for direct deposit)
  • Loan agreement (sign and return)

Comparing Loan Options

There are a few things you want to look out for when getting an unsecured loan. The most obvious factor is the interest rate, since that affects how much you’ll pay each month. You also want to look at what the monthly payment looks like as well. Even if a loan comes with a lower rate, the monthly payments could put a strain on your budget if the loan term is shorter. Find a balance to make sure you can comfortably afford your payments.

Also check for fees, such as origination fees or financing fees. Find out if they’ll be rolled into the loan amount or if you have to pay them outright.

Frequently Asked Questions

Can you get an unsecured loan with bad credit?

Each lender has its own credit requirements. There are many, however, who do offer unsecured loans even if your credit score is low. Just remember that you’ll pay higher interest rates and likely be limited to smaller loan amounts that must be repaid over a shorter period of time.

How quickly can you get your loan funds?

This depends on your lender. When you choose an online lender, the process can be incredibly fast. Many lenders offer rate quotes within just a few moments. Once you submit a full application, you can frequently receive your funds via direct deposit within a day.

Find an Unsecured Loan Today

Instead of waiting for your next paycheck, get a loan offer from one of our top picks today.

Call Now (855) 282-6353

with our top pick Best Egg

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